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China set an economic growth target for 2024 of around 5%,
similar to last year's goal and in line with analysts'
expectations, but the lack of big ticket stimulus plans to prop
up its struggling economy disappointed investors.
Brent crude was up 8 cents, or 0.1%, to $82.88 a barrel by 1040
GMT, while U.S. West Texas Intermediate (WTI) was down 6 cents
to $78.68. Brent has gained almost 8% this year.
"Despite yesterday's somewhat disappointing reaction to the
OPEC+ extension, the global oil balance is most likely set to
tighten, helping prices rebound from any dips caused by actual
or perceived short-term bearish developments," said Tamas Varga
of oil broker PVM.
Some members of the Organization of the Petroleum Exporting
Countries and its allies (OPEC+) on Sunday extended their
voluntary oil output cuts of 2.2 million barrels per day (bpd)
into the second quarter.
"The market has been moving higher in recent weeks amid
improving fundamentals. Rising spot prices indicate the physical
market has begun to tighten amid a host of other supply-side
disruptions," analysts at ANZ said in a note on Monday.
As well as China, concern about wider economic prospects also
weighed, in part reflecting uncertainty over the pace of
interest rate cuts by the United States and other major
economies.
The U.S. Federal Reserve is under no urgent pressure to cut
interest rates given a "prospering" economy and job market,
Atlanta Fed President Raphael Bostic was reported on Monday as
saying.
In focus is the latest round of U.S. inventory reports, which
are expected to show crude stocks increased about 2.6 million
barrels last week, while distillates and gasoline stockpiles are
forecast to decline.
The first of this week's two inventory reports, from the
American Petroleum Institute industry group, is due out at 2130
GMT.
(Reporting by Alex Lawler, additional reporting by Georgina
McCartney and Sudarshan Varadhan; editing by Jason Neely)
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